PALM BEACH, Florida, November 29, 2017 /PRNewswire/ --
MARIJUANA COMPANY OF AMERICA INC. (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that its joint venture partner, Bougainville Ventures, Inc., initiated construction on a 30,000 square foot cultivation facility in Washington state. The delivery of the first pre-designed greenhouses, with full tracking and reporting protocols, is expected to be completed this week for the I-502 facility. The site will eventually consist of 6 greenhouses providing a total of 30,000 sq. ft., of cultivation area. The construction is expected to be completed in February of 2018. Read this and more news for MCOA at http://www.marketnewsupdates.com/news/mcoa.html
This one acre footprint of greenhouse is anticipated to be a technologically advanced and predominantly automated cannabis production facility. The Company also has an option to purchase additional contiguous acreage and so may choose to expand its leasehold in the area. Bougainville Ventures, Inc. anticipates the facility to be capable of producing in excess of 12,000 lbs. of high quality cannabis annually once the cultivation area is fully built out. The location of the new facility provides access to transportation, industrial infrastructure, power, water, gas, and courier services.
Donald Steinberg, CEO of the Company, observed: "We have raised eight hundred thousand dollars and have issued fifteen million shares of the Company's common stock, per the revised agreement with Bougainville Ventures, Inc. The tenant is in the process of obtaining approval of plans and issuance of permits from Okanogan County and Washington State Liquor Control Board (WSLCB) to authorize construction on the first phase of the project. This transaction enables the joint venture to install 4 of the 6 design automated greenhouse systems." Mr. Steinberg also added "The attainable goal for the joint venture is to deliver the finished project early in Q1 2018 so that our tenant can begin producing revenues shortly thereafter."
In the industry developments and happenings in the market this week include:
Cannabics Pharmaceuticals Inc. (OTCQX: CNBX) closed up 14.74% on Tuesday with a volume north of 1.2 million by the market close. The company also announced that it has received a new research license from the Israeli Ministry of Health for the Characterization of anti-tumor activity of cannabinoids. The new license will enable the company to continue our vision of developing an ecosystem for creation of diagnostic tools and bringing to the market diagnostic services for cancer patients who are medicated with cannabis. Our forward looking plan encompasses a synergy between HTS (High Throughput Screening), CTCs (Circulating Tumor Cells), Drug Efficacy, and Genomic Data to provide therapists and their patients with personalized supportive data for their treatment.
PotNetwork Holding Inc. (OTC: POTN) closed Tuesday up 19.15% with over 16.4 million shares traded. This came on the heels of the company announcing the retirement of 300,000,000 common shares held by principal shareholders. This reduction of over half the issued and outstanding common shares will be exchanged for non-trading preferred shares. Upon retirement, this reduction will bring the Company's current issued and outstanding common shares of 569,920,485 down to a total of 269,920,485 issued and outstanding common shares.
Cannabis Science, Inc. (OTC: CBIS), a U.S. company specializing in the development of cannabinoid-based medicines, announced yesterday that its research staff is nearing completion of a novel new cannabinoid formulary to treat the Asthma and Chronic Obstructive Pulmonary Disease (COPD) Overlap Syndrome (ACOS) with clinical trials to follow upon completion. "Our recent development of our MDI and Rescue Inhaler medications for these patients in part is the reason this research evolved to treat this under-diagnosed syndrome. While our formulations for these medications achieve the desired effects for the illness targeted as a rescue medication they cannot treat effectively the diagnosis of the Overlap Syndrome. More interesting is the prevalence of ACOS observed among populations of patients diagnosed with COPD.
Canopy Growth Corporation (TSX: WEED.TO) (OTC: TWMJF) has entered into a distribution agreement with Winnipeg-based Delta 9 Cannabis Inc. Delta 9 will offer its well-established cannabis products through Canopy Growth's curated CraftGrow line via Tweed Main Street's on-line store, alongside other high-quality cannabis varieties grown by a diverse set of producers. Delta 9 was founded in 2012, and quickly became the fourth fully licensed producer and distributor of medical cannabis in Canada. Currently operating an 80,000-square-foot production facility in east Winnipeg, Delta 9 is focused on growing small-batch, hand-trimmed medical cannabis strains in its innovative, self-designed grow pod systems. As Manitoba has recently unveiled its proposed cannabis distribution model, which includes private sales, Delta 9 will work with Canopy Growth to continue to serve the local market with consistent high-quality standardized cannabis products, while gaining access to consumers across the country through Canopy Growth's on-line marketplace.
In other industry important developments of note:
Vapor Group, Inc. (which trades on the OTC Markets under the symbol VPOR), announced today that it had signed a Letter of Intent ("LOI") for the sale of intellectual property assets of its wholly-owned subsidiary, Simple Cork, Inc. (the 'Assets") to a fully-reporting SEC company, (the "PubCo"). Under terms of the LOI, PubCo will pay for the Assets by a distribution of newly-issued and registered shares of its common stock to the Vapor Group shareholders of record on the closing and its assumption of all the debt of the Simple Cork subsidiary, and a majority of the long term debt of the parent, Vapor Group, Inc. The closing date for shareholders of record of the Company to be eligible to receive registered shares of PubCo in this transaction, will be December 29, 2017. The Simple Cork subsidiary's Assets are the intellectual property the Company's patented Simple Cork product. The product is a faster and easier way to get the cork out of bottles of wine. Simple Cork lets anyone easily open a wine bottle without a corkscrew. Yaniv Nahon. President and CEO of the Company, said, "We have been working on this transaction for some time and believe its completion will significantly benefit our shareholders and our ongoing operations. The following are the primary terms of the transaction:
1. Following closing, the newly-issued shares of PubCo's common stock will be registered with the SEC on a S-1 registration statement by PubCo wherein the shares will be distributed to our shareholders after the registration statement becomes effective. The exact ratio of the number of shares to be registered and issued to the Company's shareholders is yet to be determined and will be announced before December 29, 2017.
2. Vapor Group will be relieved of a major portion of its convertible debt that will be undertaken by PubCo, in addition to PubCo's assumption of the debt owed by Simple Cork.
3. In return for PubCo's issuance and registration of stock to benefit our shareholders and the assumption of debt, Vapor Group will sell any and all rights and title to the intellectual property assets of Simple Cork, Inc. to PubCo.
Yaniv further added, "Clearly through the actions required of it, PubCo is committed to completing the investment in the development, finalization and marketing of the Simple Cork product that we started. Separately, this transaction at the same time will set the stage for the streamlining of Vapor Group's operations and its focusing on recent developments that we believe will provide exceptional business growth."
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